Notes to SEFA
Accounting Policies: This note is included to meet the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requirement that the schedule of expenditures of federal awards (the Schedule) include notes that describe the significant accounting policies used in preparing the Schedule. The accompanying schedule is prepared on the accrual basis of accounting and includes the federal award activity of the Corporation under programs of the federal government for the year ended May 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. The Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation. The consolidated financial statements reflect revenue recognized from the Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution of $475,040 for the year ended May 31, 2022. The Schedule includes Provider Relief Funds of $474,040 that were received in Period 4 in accordance with the requirements of the compliance supplement for assistance listing number 93.498.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance